递表一周即改招股书！微脉三年连亏冲击上市，如何摆脱“焦虑”？

Core Viewpoint - The company, 微脉, is in a favorable environment with policy support and market expansion, but it faces significant structural issues such as weak profitability, imbalanced financial structure, tight cash flow, and high reliance on external resources. The ability to achieve a true business model closure through the IPO remains to be seen and requires ongoing attention and verification [1][14]. Financial Performance - 微脉's revenue from 2022 to 2024 is projected to grow from 5.12 billion to 6.53 billion, indicating an overall upward trend, but the growth rate has noticeably slowed [5][7]. - The company has recorded net losses for three consecutive years, amounting to -4.14 billion, -1.50 billion, and -1.93 billion, with operating losses not effectively narrowing [5][7]. - The adjusted net losses, calculated under non-IFRS standards, are -2.33 billion, -0.99 billion, and -0.30 billion, indicating no turnaround in profitability [5]. Revenue Breakdown - In 2024, the revenue sources are primarily from condition and case management (4.70 billion, 72.02%), sales of drugs and medical products (1.26 billion, 19.36%), and brokerage and insurance services (0.56 billion, 8.62%) [7]. - The brokerage and insurance revenue saw a significant increase of 163.28% in 2023 but then declined by 37.48% in 2024, showing volatility [7][8]. - The condition and case management service growth rates have slowed, with year-on-year increases of 10.46% and 7.49% for 2023 and 2024, respectively [7][8]. Profitability Metrics - The overall gross margin has improved slightly from 17.24% in 2022 to 19.87% in 2024, but remains low [8][9]. - The gross margin for the brokerage and insurance business increased from 2.58% to 13.25%, while the gross margin for drug sales decreased from 28.07% to 12.10%, indicating weakened profitability [8][9]. Financial Structure and Cash Flow - The company exhibits a high debt-to-asset ratio of 685.15%, 865.71%, and 737.62% from 2022 to 2024, indicating financial fragility [11]. - Operating cash flows have been negative for three years, at -2.43 billion, -0.83 billion, and -0.39 billion, showing reliance on external financing for operations [11]. - The company’s cash inflow from financing activities reached 1.10 billion in 2024, highlighting its dependence on capital injections for expansion [11]. Industry Context - The full-course management service market in China is rapidly expanding, projected to grow from 163 billion in 2020 to 614 billion in 2024, with a compound annual growth rate of 39.3% [13]. - Despite market growth, the industry faces challenges such as unclear profit models, low user payment willingness, and slow collaboration with public hospitals [13]. - 微脉 has proposed several strategies to achieve profitability, including expanding business scale through partnerships with hospitals and improving operational efficiency via AI systems, but these strategies face external and internal challenges [13][14].